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Friday, February 4, 2011

Power-One Revenues Surge On Solar Inverter Demand

Camarillo-based Power-One, which develops both photovoltaic inverters and other poser conversion products, saw its fourth quarter results surge on demand for its photovoltaic inverter products. According to the firm Thursday, it saw net sales of $366M for its quarter ended January 2, up 157 percent from the fourth quarter of 2009. The firm said that for the full year, it had net sales of $1.05 billion, up 143 percent compared to 2009. The increase in revenues were driven by a 285 percent increase in its Renewable Energy Solutions business, which sells photovoltaic inverters to the solar energy market. Those inverters equaled 72 percent of the firm's overall revenues, up from only 48 percent in the fourth quarter of 2009. The firm had net income of $54M for the fourth quarter, and $144M in net income for the full year.